Text formatting and links does not appear

Hello,

I’ve included a wordpress blog in my site with the code:

<?php
require('news/wp-blog-header.php');
?>
<?php query_posts('showposts=3'); ?>
<?php while (have_posts()) : the_post(); ?>
<span class="newstitle"><?php the_title(); ?></span><span class="newstime"></span><br /><?php the_excerpt(); ?>
<?php endwhile;?>

and if I make posts (they appear on the site in their little block) but text formatting like bold and urls does not appear, not even in the executed html form… What should I do?